DKNGDraftKings Inc. Class A Common Stock
Options Analysis Report•SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION
Market Cap $12.3B|NASDAQ
● 2026-06-09$24.78
BULLISH
Analysis: 2026-06-08 EOD data
1Y -31.5%YTD -30.5%7D -2.1%
Options Vol
25,223
30D
Implied Move
±15.7%
IV Rank
19%
DKNG Options Overview
IV is elevated with bullish flow. No clear edge detected.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.2
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 74.6% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.19x — IV premium over HV
Sector Relative≤50%
Sector percentile 77% — above sector median
Term Structure
<1.1xFront/Back 1.07x — backwardation
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 56.6% — normal range
Spread-Adjusted Value
<80%Effective IV 86.0% (ATM 56.6% + spread 14.7% + bias) — expensive
Execution Efficiency
<3.0%Total drag 24.61% (spread 14.72% + slippage 9.89%) — high friction
Vega Efficiency
≥5.0Vega efficiency 7.63 (vega 11.232 / spread 14.72%) — efficient
Sentiment
Bullish or bearish?
6.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Moderate signal (Conviction: +6%, Raw: +2%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +6% (neutral) — Raw: +2%
OI Skew Magnitude
≥15%|OI skew| 45.1% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +55.2%, OI skew +45.1% — aligned
Conviction Quality
≥2/3 conditions0-DTE 0%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -14%, ATM: +3%, OTM: +3% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 31% — bullish vs sector
Activity
Unusual activity?
3.7
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.8x avg — normal
Turnover Rate
≥15%Vol/OI 3.0% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change -6.4% (5d) — unwinding
Sector Relative≥60%
Sector activity percentile 64% — active vs sector
Trade Quality
≥30%Large trade volume 30% — institutional presence
Execution Urgency
≥60%Aggressive execution 46% — patient
Flow Conviction
≥30Conviction +6 (bullish) — mixed
Liquidity
Can I trade efficiently?
3.9
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 14.7% — wide
Adequate OI
≥10,000OI 840,610 — deep
Active Volume
≥500Volume 25,223/day — active
Reasonable Cost
≤$0.50$0.74 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 87% — much wider than sector
Order Book Depth
≥100 contractsDepth 348.2 contracts (bid:190.5 ask:157.7) — adequate
Execution Quality
<1.0%Avg slippage 9.89% — poor
Timing
Is now a good time?
6.9
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope +7.4% — backwardation
IV Percentile Clarity
<30 or >70IV percentile 75% — seller opportunity
Event Detection
≥10pts kinkIV kink 5.5pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1604.59 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)caution advised: No earnings detected; CPI in 1d (HIGH)
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +6% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 60 (ITM 20% + inst 30%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.8
bullishIV fair, bullish flow
Long Puts4.6
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.4
bullishIV fair, bullish flow
Covered Call4.4
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.